TEDECO: what changed
Two fiscal years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
TEDECO
Largest movements
- Current investments -€118,350
down €118,350 (-71.2%), from €166,294 to €47,944
- Cash -€91,068
down €91,068 (-89.2%), from €102,111 to €11,044
mainly Contributions, distributions and other (-€259,684) and Other debts (-€172,031)
- Tangible fixed assets -€77,227
down €77,227 (-2.6%), from €3.0m to €2.9m
of which Land and buildings: -€64,506
- Other debts -€172,031
down €172,031 (-8.4%), from €2.1m to €1.9m
- Reserves -€101,847
down €101,847 (-5.6%), from €1.8m to €1.7m
of which Distributable reserves: -€101,847
- Financial income -€188,205
down €188,205 (-84.2%), from €223,510 to €35,305
- Gross operating margin +€60,734
up €60,734 (+22.2%), from €273,535 to €334,269
- Depreciation +€55,187
up €55,187 (+196.9%), from €28,024 to €83,211
- Taxes -€23,572
down €23,572 (-25.2%), from €93,496 to €69,924
- Other operating charges -€14,608
down €14,608 (-49.8%), from €29,314 to €14,706
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,172,362 | €3,918,724 | -€253,638 | -6.1% |
| Fixed assets | 21/28 | €2,987,034 | €2,909,807 | -€77,227 | -2.6% |
| Tangible fixed assets | 22/27 | €2,986,715 | €2,909,487 | -€77,227 | -2.6% |
| Land and buildings | 22 | €2,619,941 | €2,555,435 | -€64,506 | -2.5% |
| Plant, machinery and equipment | 23 | €24,483 | €23,943 | -€540 | -2.2% |
| Furniture and vehicles | 24 | €34,725 | €20,244 | -€14,481 | -41.7% |
| Other tangible fixed assets | 26 | €307,566 | €309,866 | +€2,300 | +0.7% |
| Financial fixed assets | 28 | €319 | €319 | = | 0.0% |
| Current assets | 29/58 | €1,185,328 | €1,008,917 | -€176,411 | -14.9% |
| Amounts receivable within one year | 40/41 | €913,978 | €946,299 | +€32,321 | +3.5% |
| Trade receivables | 40 | €34,232 | €35,307 | +€1,075 | +3.1% |
| Other amounts receivable | 41 | €879,746 | €910,992 | +€31,246 | +3.6% |
| Current investments | 50/53 | €166,294 | €47,944 | -€118,350 | -71.2% |
| Cash at bank and in hand | 54/58 | €102,111 | €11,044 | -€91,068 | -89.2% |
| Deferred charges and accrued income | 490/1 | €2,944 | €3,630 | +€686 | +23.3% |
| Total equity and liabilities | 10/49 | €4,172,362 | €3,918,724 | -€253,638 | -6.1% |
| Equity | 10/15 | €1,879,252 | €1,777,405 | -€101,847 | -5.4% |
| Contributions | 10/11 | €22,000 | €22,000 | = | 0.0% |
| Reserves | 13 | €1,819,701 | €1,717,854 | -€101,847 | -5.6% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €1,800,951 | €1,699,104 | -€101,847 | -5.7% |
| Profit (loss) carried forward | 14 | €37,551 | €37,551 | = | 0.0% |
| Amounts payable | 17/49 | €2,293,110 | €2,141,319 | -€151,791 | -6.6% |
| Amounts payable after more than one year | 17 | €128,250 | €119,250 | -€9,000 | -7.0% |
| Financial debts | 170/4 | €128,250 | €119,250 | -€9,000 | -7.0% |
| Amounts payable within one year | 42/48 | €2,160,416 | €1,986,015 | -€174,401 | -8.1% |
| Current portion of amounts payable after more than one year | 42 | €9,000 | €9,000 | = | 0.0% |
| Financial debts | 43 | €415 | €22,320 | +€21,905 | +5281.6% |
| Credit institutions | 430/8 | €415 | €22,320 | +€21,905 | +5281.6% |
| Trade debts | 44 | €6,905 | €7,465 | +€560 | +8.1% |
| Suppliers | 440/4 | €6,905 | €7,465 | +€560 | +8.1% |
| Taxes, remuneration and social security | 45 | €87,900 | €63,065 | -€24,835 | -28.3% |
| Taxes | 450/3 | €87,900 | €58,848 | -€29,051 | -33.1% |
| Remuneration and social security | 454/9 | - | €4,217 | +€4,217 | |
| Other amounts payable | 47/48 | €2,056,197 | €1,884,165 | -€172,031 | -8.4% |
| Accrued charges and deferred income | 492/3 | €4,444 | €36,054 | +€31,611 | +711.3% |
| Non-recurring operating income | 76A | - | €225 | +€225 | |
| Remuneration, social security and pensions | 62 | - | €11,953 | +€11,953 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,024 | €83,211 | +€55,187 | +196.9% |
| Other operating charges | 640/8 | €29,314 | €14,706 | -€14,608 | -49.8% |
| Non-recurring operating charges | 66A | €110 | €0 | -€110 | -100.0% |
| Gross operating margin | 9900 | €273,535 | €334,269 | +€60,734 | +22.2% |
| Operating profit (loss) | 9901 | €216,087 | €224,399 | +€8,311 | +3.8% |
| Financial income | 75/76B | €223,510 | €35,305 | -€188,205 | -84.2% |
| Recurring financial income | 75 | €223,510 | €35,305 | -€188,205 | -84.2% |
| Financial charges | 65/66B | €20,195 | €31,942 | +€11,747 | +58.2% |
| Recurring financial charges | 65 | €20,195 | €31,942 | +€11,747 | +58.2% |
| Profit (loss) for the period before taxes | 9903 | €419,402 | €227,761 | -€191,641 | -45.7% |
| Income taxes | 67/77 | €93,496 | €69,924 | -€23,572 | -25.2% |
| Profit (loss) for the period | 9904 | €325,906 | €157,837 | -€168,068 | -51.6% |
| Profit (loss) for the period to be appropriated | 9905 | €325,906 | €157,837 | -€168,068 | -51.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.